I have had a look at the criteria. Director's shares are...

I have had a look at the criteria.

Director's shares are excluded, as are 'long-term' strategic holds. I think Orbis' nearly 20% may fall into this category, reducing Acrux's current ~$500m cap to $400m. There are 15-20 stocks in the ASX200 with caps under $500m.

I'm still not certain on how the discretion is exercised but clearly you are correct in speculating we may be upgraded from the ASX300 to the ASX200.

I imagine with that upgrade would come a LOT of automatic acquisition from index trackers around the world, far more than the more obscure ASX 300, which tends to be favoured only by 'small-cap' funds etc.